Cryptocurrency

[GJM]

Things are really getting bad when the crypto meltdown is driving down G wagon prices!

https://www.curbed.com/2022/11/merce...unt-sales.html

[Maple Syrup Actual]

Things are really getting bad when the crypto meltdown is driving down G wagon prices!

https://www.curbed.com/2022/11/merce...unt-sales.html

Incredible timing - I was actually in the market for one of these and could really use that discount. The full tag was a bit rich for me but at a 40-50% discount I think I could afford one, actually.





Oh wait, no, my mistake, I was thinking of these:

[Joe S]

I still can't see crypto as an investment. I see it as gambling that you get in at the right place and time in a Ponzi Scheme.

I think it is funny that the people who buy into crypto, knowing it is unregulated and warned that it is highly speculative at the least, are now crying about how much money they lost and who to blame. Look in the mirror.

This, 100% (says the guy who has a little bit of bitcoin and litecoin).

[JCS]

I still can't see crypto as an investment. I see it as gambling that you get in at the right place and time in a Ponzi Scheme.

I think it is funny that the people who buy into crypto, knowing it is unregulated and warned that it is highly speculative at the least, are now crying about how much money they lost and who to blame. Look in the mirror.

I sympathize with the people who were scammed by ftx. But people aren’t going to stop buying the scam cryptos until they get burned and exposed for what they are. I say this as someone who did get burned. A mistake I made was that I viewed it as a way to make short term money. I couldn’t explain why the cryptos had value or what sets them apart from all the other forms of money or assets. Once I studied that I sold everything I had and converted to BTC only because it’s the only decentralized form of money that exists.

[GJM]

https://www.cnbc.com/2022/11/28/bloc...t-spreads.html


https://www.wsj.com/articles/central...ge-11669566906

[David S.]

I sympathize with the people who were scammed by ftx. But people aren’t going to stop buying the scam cryptos until they get burned and exposed for what they are. I say this as someone who did get burned. A mistake I made was that I viewed it as a way to make short term money. I couldn’t explain why the cryptos had value or what sets them apart from all the other forms of money or assets. Once I studied that I sold everything I had and converted to BTC only because it’s the only decentralized form of money that exists.

Now that the Lightning layer is available, I have less reason to have anything other than BTC.

I just bought ammo from Fenix Ammo with crypto.

[GJM]

https://www.cnbc.com/2022/11/28/bloc...t-spreads.html


https://www.wsj.com/articles/central...ge-11669566906

Snippet from WSJ article


Decentralized exchanges, by contrast, require no custody thanks to the blockchain-based innovation of the automated market maker. An exchange attracts liquidity providers, which deposit tokenized assets into a smart contract. A smart contract is a piece of code stored simultaneously on thousands of computers that use the blockchain to agree on the same result each time the code runs. Collectively, the assets in this smart contract provide an inventory for traders who swap them at prices determined by a formula also contained in the smart contract. For this service, traders pay a small fee on each trade, providing revenue to the exchange and a return to the liquidity providers.

Because smart contracts are publicly visible, the funds within them are easy to audit. Because they can’t be altered by any one person (assuming the underlying code is strong), the money is impossible for any one person to steal. Because no actor assumes custody, there’s no risk of theft by a rogue manager. This system requires us to trust bits of public code rather than potentially culpable humans

[JCS]

Now that the Lightning layer is available, I have less reason to have anything other than BTC.

I just bought ammo from Fenix Ammo with crypto.

Using BTC I assume? When did you get into BTC? I’m relatively new to it so there’s not much appeal to using it as a medium of exchange yet. I’d rather spend fiat and hodl BTC. At some point I’ll spend it but it seems better to just hodl for the price I bought it at.

[JCS]

Snippet from WSJ article


Decentralized exchanges, by contrast, require no custody thanks to the blockchain-based innovation of the automated market maker. An exchange attracts liquidity providers, which deposit tokenized assets into a smart contract. A smart contract is a piece of code stored simultaneously on thousands of computers that use the blockchain to agree on the same result each time the code runs. Collectively, the assets in this smart contract provide an inventory for traders who swap them at prices determined by a formula also contained in the smart contract. For this service, traders pay a small fee on each trade, providing revenue to the exchange and a return to the liquidity providers.

Because smart contracts are publicly visible, the funds within them are easy to audit. Because they can’t be altered by any one person (assuming the underlying code is strong), the money is impossible for any one person to steal. Because no actor assumes custody, there’s no risk of theft by a rogue manager. This system requires us to trust bits of public code rather than potentially culpable humans

Thanks for sharing. I can’t read the entire article without a subscription but the snippet talks about “decentralized” exchanges. Exchanges are centralized (a person, group or org has control) of your funds. But the latter part is spot on.

One of the issues with these exchanges going under is you are buying crypto from them and assuming they actually have the crypto. It’s really an IOU and you’re trusting the exchange that they are good for it if you want to withdraw it. Coinbase admitted if they go bankrupt (like ftx) you’ll lose your crypto. https://fortune.com/2022/05/11/coinb...ngs-stock/amp/

Unless people store it in their own wallet they don’t really own it.

[David S.]

Using BTC I assume? When did you get into BTC? I’m relatively new to it so there’s not much appeal to using it as a medium of exchange yet. I’d rather spend fiat and hodl BTC. At some point I’ll spend it but it seems better to just hodl for the price I bought it at.

HODLing makes sense. A portion of my paycheck gets direct deposited into bitcoin, so I figure the ammo was purchased with post-drop funds.

There wasn't any particular reason that I couldn't have bought that ammo with a credit/debit card instead. My point was, there are some retailers that will take your crypto currency.